证券代码：301308 证券简称：江波龙 公告编号：2025-076 深圳市江波龙电子股份有限公司 关于首发前员工持股平台股份减持计划实施完毕的公告 本公司股东宁波龙熹一号自有资金投资合伙企业（有限合伙）、宁波龙乙自 有资金投资合伙企业（有限合伙）、宁波龙熹三号自有资金投资合伙企业（有限 合伙）、宁波龙舰自有资金投资合伙企业（有限合伙）、宁波龙熹五号自有资金 投资合伙企业（有限合伙）保证向本公司提供的信息内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 深圳市江波龙电子股份有限公司（以下简称"公司"）于 2025 年 8 月 20 日披露了《关于首发前员工持股平台减持股份预披露公告》（公告编号：2025-057）。 公司员工持股平台宁波龙熹一号自有资金投资合伙企业（有限合伙）（以下简称 "龙熹一号"）、宁波龙乙自有资金投资合伙企业（有限合伙）（以下简称"龙 熹二号"）、宁波龙熹三号自有资金投资合伙企业（有限合伙）（以下简称"龙 熹三号"）、宁波龙舰自有资金投资合伙企业（有限合伙）（以下简称"龙舰管 理"）、宁波龙熹五号自有资金投资 ...

Core Viewpoint - Jiangbolong's stock price increased by 3.73% on October 30, with a trading volume of 9.554 billion yuan, indicating strong market interest and activity in the company's shares [1] Financing Summary - On October 30, Jiangbolong had a financing buy-in amount of 1.158 billion yuan and a financing repayment of 983 million yuan, resulting in a net financing buy of 175 million yuan [1] - As of October 30, the total financing and securities lending balance for Jiangbolong was 2.076 billion yuan, with the financing balance of 2.052 billion yuan accounting for 1.73% of the circulating market value, which is above the 90th percentile level over the past year [1] - In terms of securities lending, Jiangbolong repaid 5,300 shares and sold 100 shares on October 30, with a selling amount of 28,300 yuan at the closing price [1] Company Performance - As of September 30, Jiangbolong reported a total of 43,800 shareholders, an increase of 25.06% from the previous period, while the average circulating shares per person decreased by 20.04% to 6,260 shares [2] - For the period from January to September 2025, Jiangbolong achieved an operating revenue of 16.734 billion yuan, representing a year-on-year growth of 26.12%, and a net profit attributable to the parent company of 713 million yuan, up 27.95% year-on-year [2] Dividend and Shareholding Structure - Since its A-share listing, Jiangbolong has distributed a total of 302 million yuan in dividends, with 104 million yuan distributed over the past three years [3] - As of September 30, 2025, Hong Kong Central Clearing Limited was the eighth largest circulating shareholder, increasing its holdings by 4.8541 million shares to 6.1139 million shares [3] - Several funds, including E Fund's ChiNext ETF and others, have exited the top ten circulating shareholders list [3]

Group 1 - The storage chip sector experienced a decline at the beginning of trading on October 31, with Zhengfan Technology falling over 10% [1] - Other companies in the sector, including Jiangbolong, Baiwei Storage, and Shannon Semiconductor, also saw significant drops [1]

Group 1 - Jiangbolong announced significant stock price fluctuations, stating that its fundamentals have not changed, with a static P/E ratio of 229.31 times, higher than industry peers [1] - BYD reported a third-quarter net profit of 7.823 billion yuan, a year-on-year decline of 32.6%, with revenue of 194.985 billion yuan, down 3.05% [1] Group 2 - Zijin Mining plans to repurchase and cancel 30,600 restricted shares due to the departure of an incentive target, with the total shares reducing from 26,577,573,940 to 26,577,543,340 [2] Group 3 - Wuliangye's third-quarter revenue was 8.174 billion yuan, down 52.66%, and net profit was 2.019 billion yuan, down 65.62% [3] - Air China intends to issue A-shares to raise no more than 20 billion yuan, with proceeds used for debt repayment and working capital [3] Group 4 - ST Yigou reported a third-quarter net profit of 24.637 million yuan, a decline of 95.78% [4] - Sinopec Capital's third-quarter net profit was 3.997 billion yuan, down 7.95% [5] Group 5 - VisiNova reported a third-quarter net loss of 561 million yuan [6][7] - Chengdu Huamei's third-quarter net profit was 26.8846 million yuan, up 83.21% [8] Group 6 - Longyuan Power's third-quarter net profit was 246 million yuan, down 46.46% [9] - Gaoxin Development's third-quarter net profit was 28.3466 million yuan, down 54.11% [9] Group 7 - China Power's third-quarter net profit was 288 million yuan, up 7.71% [11] - China Shipbuilding Defense's third-quarter net profit was 129 million yuan, up 218.53% [12] Group 8 - Bawei Storage's third-quarter net profit was 256 million yuan, up 563.77% [13] - Luxshare Precision's third-quarter net profit was 4.874 billion yuan, up 32.49% [14] Group 9 - China Electric Power plans to invest approximately 12.167 billion yuan in a pumped storage power station project in Yunnan [15] - Hainan Mining's third-quarter net profit was 31.8287 million yuan, down 77.84% [16] Group 10 - Hunan Silver's third-quarter net profit was 96.3611 million yuan, up 47.51% [18] - Huayin Power's third-quarter net profit was 150 million yuan, up 418.61% [19] Group 11 - Shunfeng Holdings adjusted its share repurchase plan to a total amount of no less than 1.5 billion yuan and no more than 3 billion yuan [23] Group 12 - ST Chenming reported a third-quarter net loss of 2.15 billion yuan, a decline of 191.02% [25] - China Merchants Heavy Industry's third-quarter net profit was 871 million yuan, down 67.52% [102]

Core Viewpoint - The storage chip industry is experiencing a significant price surge, driven by strong demand from global tech giants for AI computing power, marking the beginning of a "super cycle" in the market [1][4][12]. Market Performance - The storage index in the A-share market has risen by 59.42% over the past three months, with notable stock performances including Jiangbolong up 210.89% and Shannong Chip up 275% [2][8]. - Major companies like Micron, Samsung, and SK Hynix are reducing production due to weak NAND Flash demand, while domestic firms are seizing market opportunities [5][7]. Price Trends - DRAM prices increased by 47.7% in the first half of 2025, and NAND Flash prices rose by 9.2%, with 512Gb Flash wafer prices up over 20% since October [3][6]. - The price of old process DRAM products is expected to rise by 8% to 13% in Q4, while HBM prices may increase by 13% to 18% [6]. Supply and Demand Dynamics - The rapid development of AI technology is creating a structural shift in storage demand, particularly for HBM products, which are essential for AI chip modules [4][11]. - The supply of traditional DRAM products is tightening as manufacturers shift focus to higher-margin products like DDR5 and HBM [5][11]. Future Outlook - Analysts predict a continued upward trend in storage prices into 2026, with major players optimistic about market conditions [14]. - The global storage market is expected to reach a size of $300 billion by 2027, driven by sustained demand for AI-related applications [2][4].

Core Insights - The pricing strategy of REDMI faced challenges due to unexpected increases in memory chip costs, leading to a price adjustment for the K90 series [1] - Major suppliers like SK Hynix and Samsung are prioritizing high-end DRAM production, causing a supply squeeze for consumer electronics [1][6] - The demand for storage chips is surging, driven by the AI revolution and the needs of cloud service providers and data centers [6][7] - The storage industry is entering a "super cycle," with market size projected to reach $300 billion by 2027 [6] Pricing and Market Dynamics - REDMI's K90 series saw a price discrepancy of 600 yuan between different storage configurations, prompting a price drop announcement from company executives [1] - Market research indicates that DRAM prices are expected to rise by 18% to 23% in the fourth quarter of this year, up from previous estimates [1][2] Financial Performance of Key Players - Samsung reported a third-quarter revenue of 86.1 trillion won, a year-on-year increase of 8.85%, with operating profit up 32.9% [4] - SK Hynix achieved a record revenue of 24.45 trillion won, a 39% year-on-year increase, and a 62% rise in operating profit [5] Supply and Demand Imbalance - The supply of traditional DDR4 and NAND chips is being reduced as manufacturers shift focus to higher-margin products like DDR5 and HBM [6] - The combination of supply constraints and surging demand due to AI applications has created a significant supply-demand mismatch [6][7] Opportunities for Domestic Companies - Domestic storage companies are positioned to benefit from the current market dynamics, with opportunities to capture market share and enhance R&D capabilities [7][8] - Companies like Jiangbolong have reported substantial revenue growth, with a 26.12% increase in the first three quarters of the year [9] Technological Advancements - Jiangbolong has successfully deployed over 10 million self-developed main control chips and is collaborating with major international brands for customized storage solutions [11][12] - The company is also advancing in enterprise-level products, achieving compatibility with various domestic CPU platforms [12] Market Trends - The storage market is experiencing a significant transformation, with domestic firms moving from a focus on cost-effectiveness to technological advancement [12][13] - The storage index has shown impressive returns, with a cumulative yield of 98.92% over the past year, reflecting the strong performance of domestic storage companies [8]

Core Viewpoint - The pricing strategy of REDMI has faced challenges due to rising costs in the supply chain, leading to a price adjustment for the K90 series smartphones, highlighting the impact of global supply chain dynamics on product pricing [1][2]. Group 1: Pricing and Cost Dynamics - REDMI's K90 series initially announced a high price for the 12GB+512GB version, which was met with public backlash, prompting a price reduction shortly after the launch [1]. - The increase in storage costs has been attributed to supply chain pressures, particularly from major suppliers like SK Hynix and Samsung, which have prioritized high-end products over consumer-grade chips [2][8]. - Market research indicates that DRAM prices are expected to rise significantly, with projections of an 18%-23% increase in the coming quarters, reflecting ongoing supply constraints [2][9]. Group 2: Market Trends and Opportunities - The current price surge in storage chips is driven by a supply-demand imbalance, exacerbated by the AI revolution, which has increased demand for storage solutions across various sectors [8][10]. - Domestic storage companies are positioned to benefit from this market shift, as the demand for high-performance storage solutions opens new opportunities for growth and innovation [10][11]. - The storage industry is anticipated to enter a "super cycle," with market size projections reaching $300 billion by 2027, indicating a robust growth trajectory [9]. Group 3: Company Performance and Growth - Companies like Samsung and SK Hynix reported record earnings in Q3, with significant year-over-year growth in revenue and operating profit, underscoring the strong demand for storage products [6][7]. - Domestic firms such as Jiangbolong have shown remarkable financial performance, with substantial increases in revenue and net profit, reflecting their ability to capture market opportunities amid rising prices [13][14]. - Jiangbolong's advancements in self-developed technology and successful penetration into international markets exemplify the potential for domestic companies to challenge established players in the storage industry [15][16].

证券代码：301308 证券简称：江波龙 公告编号：2025-075 深圳市江波龙电子股份有限公司 关于股票交易严重异常波动的公告 二、公司关注并核实情况的说明 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、深圳市江波龙电子股份有限公司（以下简称"公司"或 "本公司"） 股票（证券简称：江波龙，证券代码：301308）连续 30 个交易日（2025 年 9 月 11 日至 2025 年 10 月 30 日）收盘价格涨幅偏离值累计超过 200%，根据《深 圳证券交易所交易规则》的规定，属于股票交易严重异常波动的情况。 2、公司目前主要业务为半导体存储应用产品的研发、设计、封装测试、生 产制造与销售。公司的经营情况请参考公司于 2025 年 10 月 30 日披露的《2025 年三季度报告》，目前公司的生产经营正常，经营情况及内外部经营环境未发 生重大变化。 3、2025 年 9 月 11 日至 2025 年 10 月 30 日，公司股票连续 30 个交易日收 盘价格累计上涨幅度为 207.37%，同花顺数据平台发布的存储芯片概念指数涨 幅为 2 ...

Core Viewpoint - Jiangbolong (301308.SZ) has experienced a significant stock price increase from a low of 86.11 CNY per share to a high of 308.73 CNY per share since September, nearly quadrupling in value within a month, benefiting over 40,000 shareholders [1] Group 1: Market Dynamics - The surge in stock prices is attributed to the "super cycle" in the storage chip market, with rising prices improving profit expectations for related companies in the A-share market [2] - Analysts predict that the price increase for AI server storage products may continue until 2026, with domestic storage companies benefiting from both price recovery and domestic substitution [2] - The storage chip sector index has seen a maximum increase of 92.06% from April to the present [4] Group 2: Company Performance - Jiangbolong reported impressive Q3 results, with revenue of 16.734 billion CNY, a 26.12% increase year-on-year, and a net profit of 713 million CNY, up 27.95% [5] - In Q3 alone, the company achieved revenue of 6.539 billion CNY, a 54.60% year-on-year increase, and a net profit of 698 million CNY, reflecting a staggering 1994.42% growth [5] - The company transitioned from consecutive losses in previous quarters to profitability starting from Q2 2025, with a net profit of 167 million CNY in Q2 and a 317.96% increase in Q3 compared to Q2 [5] Group 3: Inventory and Financial Strategy - Jiangbolong's inventory, which previously constrained performance, has now become a key driver of growth, with inventory levels rising from 3.744 billion CNY in 2022 to 7.833 billion CNY in 2024 [6] - The company has made significant provisions for asset impairment losses due to high inventory levels, impacting profitability during the downturn in the storage industry [6] - As of Q3 2025, inventory reached 8.517 billion CNY, indicating optimism about future revenue and profit due to anticipated price increases in storage wafers [7] Group 4: Valuation Concerns - Despite the positive performance, Jiangbolong's current price-to-earnings ratio stands at 181.27, significantly higher than the overall storage chip sector's ratio of 127.57 [9]

Core Viewpoint - The storage chip industry is experiencing a significant price surge driven by strong demand for AI computing power, leading to a "super cycle" in the market [4][6][11]. Market Dynamics - The storage chip index has risen by 59.42% over the past three months, with some DRAM and Flash products reportedly ceasing to be quoted or experiencing daily price fluctuations [4][10]. - Major tech companies are heavily investing in AI infrastructure, which is driving massive demand for storage chips, particularly HBM (High Bandwidth Memory) [7][11]. Price Trends - In the first half of 2025, the DRAM price index is expected to increase by 47.7%, while NAND Flash prices are projected to rise by 9.2% [6][8]. - The price of 512Gb Flash Wafers has increased by over 20% since October [6]. Company Performance - Domestic storage companies are benefiting from the shift in focus towards high-margin products like HBM and DDR5, with significant stock price increases observed [5][10]. - Companies like Jiangbolong and De Ming Li have seen stock price increases of 210.89% and 160.95%, respectively, despite some reporting losses [5][10]. Supply Chain Adjustments - Major manufacturers like Micron, Samsung, and SK Hynix are reducing production due to weak NAND Flash demand and price pressures, creating opportunities for domestic firms [8][9]. - The average DRAM inventory has dropped to 8 weeks, indicating a tightening supply [8]. Future Outlook - Analysts predict that the current price surge will continue, with expectations of further increases in DRAM and NAND Flash prices in the coming quarters [18]. - The global storage market is projected to reach $300 billion by 2027, indicating a long-term growth trajectory [6].